1992 (7) TMI 9

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....B. K. Mahanti, for the assessee. On being moved by an application under section 256(2) of the Income-tax Act, 1961 (in short, "the Act"), this court bad directed the Income-tax Appellate Tribunal, Cuttack Bench (in short, "the Tribunal"), to state a case and refer the following questions for opinion : "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was correct i....

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....oans styled as sticky loans. The interest chargeable in respect of such loans was credited to an account called "interest suspense account". The legality of this method came up for the consideration of this court in the assessee's case in S. J. C. No. 155 of 1988 disposed of on February 4, 1992. For the reasons indicated in the said judgment, we answer the first question in the affirmative, in fav....